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Austrian and Neoclassical Economics: Any Gains From Trade?

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  • Rosen Sherwin

Abstract

The systems aspects of Austrian economic thought pertaining to the process of competition deserve a prominent place in modern economic thinking. The paper develops the differences between the Austrian view of competition as an evolutionary process, and the neoclassical emphasis on determining market equilibrium under known or given conditions. These bear importantly on the fundamental way we think about decentralization of economic activities among highly specialized agents with incomplete knowledge and information. The role of competition as a selection device that often encourages survival of the fittest and solves some types of agency problems is well worth thinking about.

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Bibliographic Info

Paper provided by Chicago - Center for Study of Economy and State in its series University of Chicago - George G. Stigler Center for Study of Economy and State with number 133.

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Date of creation: 1997
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Handle: RePEc:fth:chices:133

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Web page: http://research.chicagobooth.edu/economy/
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References

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  1. Rosen, Sherwin, 1986. "Prizes and Incentives in Elimination Tournaments," American Economic Review, American Economic Association, vol. 76(4), pages 701-15, September.
  2. Myerson, Roger B, 1979. "Incentive Compatibility and the Bargaining Problem," Econometrica, Econometric Society, vol. 47(1), pages 61-73, January.
  3. Kydland, Finn E & Prescott, Edward C, 1982. "Time to Build and Aggregate Fluctuations," Econometrica, Econometric Society, vol. 50(6), pages 1345-70, November.
  4. Joseph Persky, 1991. "Retrospectives: Lange and von Mises, Large-Scale Enterprises, and the Economic Case for Socialism," Journal of Economic Perspectives, American Economic Association, vol. 5(4), pages 229-236, Fall.
  5. Rosen, Sherwin, 1983. "Specialization and Human Capital," Journal of Labor Economics, University of Chicago Press, vol. 1(1), pages 43-49, January.
  6. Edward P. Lazear & Sherwin Rosen, 1979. "Rank-Order Tournaments as Optimum Labor Contracts," NBER Working Papers 0401, National Bureau of Economic Research, Inc.
  7. Coase, R H, 1974. "The Market for Goods and the Market for Ideas," American Economic Review, American Economic Association, vol. 64(2), pages 384-91, May.
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Cited by:
  1. Takii, Katsuya, 2008. "Fiscal policy and entrepreneurship," Journal of Economic Behavior & Organization, Elsevier, vol. 65(3-4), pages 592-608, March.
  2. Gunnar Eliasson & Magnus Henrekson, 2004. "William J. Baumol: An Entrepreneurial Economist on the Economics of Entrepreneurship," Small Business Economics, Springer, vol. 23(1), pages 1-7, 08.
  3. Zafirovski, Milan, 1999. "A socio-economic approach to market transactions," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 28(3), pages 309-334.
  4. Leland B. Yeager, 1997. "Austrian Economics, Neoclassicism, and the Market Test," Journal of Economic Perspectives, American Economic Association, vol. 11(4), pages 153-165, Fall.
  5. Milo Bianchi & Magnus Henrekson, 2005. "Is Neoclassical Economics still Entrepreneurless?," Kyklos, Wiley Blackwell, vol. 58(3), pages 353-377, 07.
  6. Sjoerd Beugelsdijk, 2007. "Entrepreneurial culture, regional innovativeness and economic growth," Journal of Evolutionary Economics, Springer, vol. 17(2), pages 187-210, April.
  7. Richard Seymour, 2006. "Hermeneutic phenomenology and international entrepreneurship research," Journal of International Entrepreneurship, Springer, vol. 4(4), pages 137-155, December.
  8. Jesús Huerta DE SOTO, 2011. "The Essence Of The Austrian School And The Concept Of Dynamic Efficiency," Review of Economic and Business Studies, Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, issue 7, pages 15-32, May.
  9. Cheng, Wenli & Yang, Xiaokai, 2004. "Inframarginal analysis of division of labor: A survey," Journal of Economic Behavior & Organization, Elsevier, vol. 55(2), pages 137-174, October.
  10. Kakarot-Handtke, Egmont, 2011. "The propensity function as formal passkey to economic action," MPRA Paper 34051, University Library of Munich, Germany.
  11. Kakarot-Handtke, Egmont, 2010. "Axiomatic Basics of e-Economics," MPRA Paper 24331, University Library of Munich, Germany.
  12. Reynolds, Bruce J., 2000. "Cooperative Principles as Constraints for Public Goods Production," 2000 Annual Meeting, December 12-13 31808, NCERA-194 Research on Cooperatives.

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